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16 September 2009
Young community leaders get financial education
 Attitudes to money, budgeting and dealing with debt were some of the topics discussed by over 70 inspirational young people at the YouthBank Moneysense workshops at National College of Ireland.
Organised by YouthBank Ireland and Ulster Bank Group, the one-day workshops are part of the Bank’s MoneySense programme – a free, community-led financial education initiative.
A new financial learning fund, worth €150,000, is being provided for YouthBanks as part of Ulster Bank’s initiative, helping young people to be more confident about managing money and dealing with financial organisations.
In partnership with the Irish Youth Foundation, the Community Foundation for Northern Ireland and The Community Foundation for Ireland, the Bank has supported the development of the YouthBank movement in Ireland over the past three years, enabling hundreds of young people north and south to become active citizens as they assess and award grants for youth-led projects in their local communities.
This Financial Learning Fund will develop new financial learning resources for youth groups, and fund a range of youth-led projects to promote financial literacy throughout the island of Ireland.
The MoneySense workshop sessions were facilitated by the YouthBank Ireland Team and a small number of leading experts in the field of financial education and youth work.
The tools and exercises used on the day were the results of a pilot financial capability programme ‘Looking at Money Differently’ which was carried out by YouthBank Ireland in Ballymena over the summer.
Sarah Dempsey, Head of Communications and Corporate Sustainability, Ulster Bank Group, commented; “Understanding and being confident about managing money is a crucial life skill for young people.
"We hope the MoneySense programme will help not only YouthBank committee members themselves to improve their own level of confidence in making financial decisions, but also to influence their peers and create wider awareness of the benefits of budgeting and managing money” .
Vernon Ringland, YouthBank Co-ordinator commented; "In the current economic climate, ensuring young people have a firm understanding of money matters is more important than ever before.
"The YouthBank MoneySense initiative fits well with the grant-making work of the YouthBank committees.
"Being able to take control of their own finances is critical to help young people to take control of their lives.
Liam O’Dywer Chief Executive, Community Foundation of Ireland added; "The Irish Youth Foundation is hugely enthusiastic about MoneySense as it offers new and important developmental opportunities to young people participating in YouthBank.
"Most importantly, MoneySense prepares young people for independent living and for many of the everyday money decisions they will face as young adults’
YouthBank has won two major awards in the past year, scooping the prize for “Best New and Innovative CSR Project” at the fourth Chambers of Commerce Ireland President’s Awards for Corporate Social Responsibility and “Award for Innovation” for Ulster Bank’s involvement with YouthBank at the NICVA Link Awards 2008 in Belfast in February.
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